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First post here, hoping to get some advice from those of you with a bit more experience in buying houses.

We're first time buyers and have found a place we really like. It's listed as 'Offers in excess of £450k'. It's been on the market for about four months, and was originally on for £500k, and dropped to OIEO £450k about three weeks ago.

We're very interested but there's some work we would like to do on it in order to make it into our home as we look to start a family in the next couple of years. Namely, it currently has a huge kitchen and small living room. We wish to move the kitchen into the smaller room and make the larger one into the living room. We brought along a builder for the second viewing and he quoted us about £10k for the job, which we're happy with.

So, I put in an initial offer of £440k. A bit under what they're after but I didn't really expect them to accept it. They didn't, so I increased our offer to £445k, which again was rejected. However, the vendor hasn't made a counter-offer, which would at least give us something to work from to try to find a happy middle ground. The agent just came back saying the vendor has more viewings scheduled so is declining our offer at this stage.

Should I just sit back and wait now? Would putting in a third offer of perhaps £450k be showing my hand too much? Should I ask the agent to seek a counter offer from the vendor?

I would have to agree with the other poster....I wonder if perhaps at the moment the price you are willing to pay is based upon the house you want it to be after modification or the house as it currently stands.

Just because you want to remodel it doesnt mean that someone will love the layout as it is and offer a figure closer to what the vendor would like/expect.

It's always difficult with these offers in the region of type scenarios as they are sometimes geared to pitch one potential buyer against another and then you get into bidding wars etc.
Much simpler if there is a set price.

How much do you like the house....do you think it's worth the 450 ?
If you do think it's worth the money and you see it as a place to raise your family etc then maybe a confident 450 or 455 might secure it with the proviso that it's removed from the market..sometimes a final offer made clear that it is a final offer is enough for a vendor to reveal a counter offer especially if you have already had second viewings and taken a builder with you.

But really the choice is yours....the danger is if you hold off too long others become interested and the bidding begins....you might be better off going in with a full and final offer and walking away if its not accepted.

Theres nothing to stop you continuing to monitor the property if it remains unsold in the next few weeks and re offer as interest dwindles from others.

You can't expect the vendor to accept a lower price because the house is not to your taste. If you like the house you have to offer a price that is acceptable to the vendor and then alter it to your taste. You want to move walls but that is to your taste. Other people might want to do something different or leave it as it is this doesn't affect the price you offer.

You have to decide if you are happy for this house to be possibly sold to someone else who offers over £450k or if you really want it in which case you have to offer what the vendor wants.

Thanks for the input. I do think it's worth £450k, and we'd be willing to go to perhaps even £460k, but we are concerned about getting into a bidding war with someone else. We're just finding it a bit confusing with the lack of a specific price or a counter-offer.

Thanks for the input. I do think it's worth £450k, and we'd be willing to go to perhaps even £460k, but we are concerned about getting into a bidding war with someone else. We're just finding it a bit confusing with the lack of a specific price or a counter-offer.

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